Crypto Market Correction Amid Strong US Jobs and Inflation
Dis week, di crypto market see correction as Bitcoin pause afta wen US jobs data dagba pass wetin dem expect and inflation rise. Even tho net inflows still dey go US Bitcoin and Ethereum spot ETFs, investors come start dey cautious. Di Federal Reserve fit gree do hawkish tin because of 3.1% core CPI and 224,000 weekly jobless claims, wey don make rate cut plan uncertain.
Key matter dem: total crypto market cap stand for $4.04 trillion, Bitcoin dey represent 58.6%. USDT get 60.4% for di $273 billion stablecoin supply. Some altcoins wey gatz huge gain na OKB (+111.5%), SKL (+109.7%), and AERO (+63.8%).
ETF flow strong: $547.7 million dey go Bitcoin spot ETFs and $2.852 billion dey go Ethereum spot ETFs. Grayscale's GBTC get $23.758 billion outflows and BlackRock's IBIT hold $88.6 billion. Total US Bitcoin ETF asset wey dem dey manage na $153 billion.
Market outlook 18–22 Aug: traders dey watch key levels—Bitcoin resistance dey for $125,000 and support $112,000; Ethereum fit rise till $5,000 and get support for $4,400. Short term wahala fit still dey, but di steady ETF demand plus long term triggers like September rate decision and next Bitcoin halving fit bring back bullish energy.
Bearish
Waka strong US jobs and inflation figures don increase di risk say Federal Reserve go adopt strong hawkish stance, weh dey historically dey put pressure on risk assets and trigger profit-taking. Same CPI-driven withdraws for mid-2023 cause short-term fall for Bitcoin and Ethereum. Even though ETF inflows dey robust, di immediate outlook be bearish as traders fit shift to secure their gains and wait for more clearer signals about rate policy. For medium term, catalysts like possible September rate cuts and the next Bitcoin halving fit make bullish momentum return.